The idea of redistributing wealth has turned into the reality of redistributing poverty, in countries where wealth has fled and the production of new wealth has been stifled by a lack of incentives.

He continues:

Politicians telling businesses how to operate? That’s been tried in countries around the world, especially during the second half of the 20th century. It has failed so often and so badly that even socialist and communist governments were freeing up their markets by the end of the century.

The economies of China and India began their take-off into high rates of growth when they got rid of precisely the kinds of policies that Obama is advocating for the United States under the magic mantra of “change.”

President Hugo Chavez has figured out how to use Venezuela’s vast oil reserves to increase his regional influence while diminishing U.S. clout: He all but gives it away.

The self-proclaimed socialist revolutionary is allowing impoverished U.S. allies such as Honduras and the Dominican Republic to buy discounted oil with low-interest loans. Then he rebates the revenue back to those countries in the form of aid – – attached to strings he controls.

The blackout hit several of the country’s most populous states, including the capital, Caracas.Venezuelan President Hugo Chavez praised officials for quickly detecting and beginning to repair the fault.Mr Chavez says upgrading the grid after years of under-investment will take time but rejects criticism that nationalisation has made things worse.

So Chavez is:
1) Giving away oil (except to USA)
2) Threatening to cut off oil to the USA- the only country which actually pays market price for it
3) All while he cannot provide electricity for the oil rich country
4) And normal people are paying 36% more for food